Chinese Automaker BYD Sets Record Monthly Sales in October

Chinese electric vehicle (EV) manufacturer BYD has started the final quarter of the year on a high note, with record monthly sales in October. According to a report by Bloomberg, the company’s sales surged 66% in what is typically China’s peak car buying season.

BYD’s passenger car sales reached an all-time high of 500,526 units in October, driven by strong demand for its plug-in hybrids and all-electric models. The company’s revenue for the three months ending in September rose 24% to $28.3 billion, surpassing Tesla’s sales of $25.2 billion during the same period.

BYD’s plug-in hybrids were the top-selling models, with 310,912 units sold in October. The company’s new hybrids feature upgraded powertrains that provide a range of over 2,000 km. In contrast, BYD’s overseas sales declined to 31,200 units in October.

Other Chinese automakers also reported strong sales in October. Geely Automobile Holdings Ltd. sold 226,686 vehicles, a 28% increase from the same period in 2023. Xpeng Inc., a smaller Chinese EV manufacturer, achieved a new high with 23,917 deliveries. Li Auto Inc. sold 51,443 units, a 27% increase, although it missed its monthly record.

These sales figures indicate a strong demand for electric and hybrid vehicles in China, with BYD and other Chinese automakers leading the charge. As the global automotive industry continues to shift towards electric vehicles, Chinese manufacturers are poised to play a significant role in shaping the market.